Inflation just hit 2.9% — and it’s only getting worse. Energy bills are surging again after a brief dip, thanks to a new price cap, forcing Prime Minister Andy Burnham to act fast as a cost-of-living crisis looms this fall. His VAT cut on electricity is a start, but won’t stop the coming hikes. Food prices are stable for now at 1.3%, but extreme weather and supply chain chaos could flip that soon. The Bank of England remains calm — core inflation holds steady at 2.6%, and wages are slowing, which should ease inflation fears. But for regular folks, that’s bad news: rising prices and stagnant pay mean real hardship. Pressure’s mounting on the government to do more — like a windfall tax on banks — though the financial sector is already fighting back.
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